Trump Cancels Strike on Iran, Says Several Nations Approve Ceasefire Draft

TradingKey - Trump abruptly announced on Thursday the cancellation of a planned strike against Iran for that night, claiming that Iran's top leadership has approved a draft multilateral consensus agreement that includes an extension of the ceasefire, the reopening of the Strait of Hormuz, and the initiation of 60-day negotiations on the Iranian nuclear issue. He also stated that the U.S. naval blockade of Iran will continue until the agreement is formally signed.

According to Axios, citing three sources familiar with the matter, Qatari mediators and the Iranian Foreign Minister negotiated late into the night in Tehran on Wednesday.

Sources report that gaps have narrowed on three core issues: the release of frozen Iranian assets (Iran's top priority), arrangements for reopening the Strait of Hormuz during a 60-day ceasefire, and the framework for nuclear talks during that period. Both sides believe they have reached an agreement in principle acceptable to the U.S., though it still awaits final sign-off from Iran's Supreme Leader Khamenei.

Notably, Iran has not yet publicly confirmed the progress of this agreement. Trump has previously made multiple claims that a deal was imminent which never materialized, and earlier nighttime strikes by the U.S. military have significantly heightened Iranian doubts regarding U.S. intentions.

Markets are closely monitoring subsequent comments from Iranian officials and whether the agreement can ultimately be signed and implemented.